Murphy lowers production sights - April 18, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryApril 2004

Vol. 9, No. 16

Week of April 18, 2004

Murphy lowers production sights

Ray Tyson

Petroleum News Houston correspondent

Murphy Oil produced about 136,500 barrels of oil equivalent on average during the 2004 first quarter, lower than the company previously estimated due primarily to lower sales volumes in Malaysia, the company said April 12.

Net income for this year’s first quarter should be between 90 cents and $1.10 per diluted share, the El Dorado, Ark.-based Murphy said.

Dry hole charges for the quarter should be in the range of $48 to $63 million, with total worldwide exploration expense averaging between $57 and $72 million, the company said, adding that a $15 million after tax gain on sale of onshore U.S. properties will be included in revenue in the first quarter.

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